What Types of Debt Can Be Settled?
If you are trying to settle your debt for less than you owe, or you are hiring a company to do it for you, you should know that you can only settle unsecured debts, such as credit cards and medical bills.
What is unsecured debt?
An unsecured debt is one that is not tied to any type of asset. For example, when you sign up for a credit card, you are not required to have any sort of collateral.
Examples of Unsecured Debt
Below are a few common examples of types of unsecured debt that we have helped some of our customers with:
- Credit cards (from banks or stores)
- Personal loans
- Medical bills
- Veterinary bills
- Some business loans
- Some private student loans
- Repossessed auto loans
- Past cell phone bills
What is secured debt?
Secured debt is any type of debt that is tied to an asset. An asset could be something like a house or a car, which becomes collateral for the loan. That means if you were to default on the loan, your creditor could take back the asset.
Examples of Secured Debt and Other Ineligible Debts
Here are some examples of secured debts which we would not be able to assist with:
- Home loans
- Vehicle loans
- Insurance policies
- Taxes and related fees
- Federal student loans
- Child support
- Lawsuits and related fees
This list is not meant to be comprehensive. If you have debt that you’re unsure about, don’t hesitate to reach out today.
Debt settlement program results will vary by individual situation. As such, it may not be suitable for all persons. J.G. Wentworth Debt Settlement, LLC does not offer debt settlement services in all states and fees may vary from state to state. Not all debts are eligible for enrollment. Not all individuals who enroll complete our program for various reasons, including their ability to save sufficient funds. Savings resulting from successful negotiations may result in tax consequences, please consult with a tax professional regarding these consequences. The use of debt settlement services can potentially have an adverse impact on your credit rating, may result in you being subject to collections, and may result in other adverse action by creditors or collection agencies. Read and understand the program contract prior to enrollment.
J.G. Wentworth Debt Settlement, LLC does not pay or assume any debts or provide legal, financial or tax advice or credit repair services. You should consult with independent professionals for such advice or services. Please consult with a bankruptcy attorney for more information on bankruptcy.
General Contact Info:
201 King of Prussia Road
Radnor, PA 19087